RBI Assures Stability Amid IDFC First Bank Fraud Case
New Delhi, February 23: The Reserve Bank of India has confirmed that it is closely monitoring developments surrounding the ₹590 crore fraud reported by IDFC First Bank, with Governor Sanjay Malhotra stating that there is no systemic issue arising from the incident.Speaking to reporters after the customary post-budget address by Finance Minister Nirmala Sitharaman to the Central Board of Directors of the Reserve Bank of India, Malhotra said, “We are monitoring the situation; there is no systemic issue.”
₹590 Crore Fraud Confined to Specific Government Accounts
On Sunday, IDFC First Bank disclosed that certain employees and others at a particular branch in Chandigarh had committed a fraud amounting to ₹590 crore.The bank clarified that the fraudulent transactions were confined to a specific group of government-linked accounts belonging to the Haryana state government and operated through the Chandigarh branch. It emphasized that the issue does not extend to other customers of the branch.
The RBI’s statement aims to reassure stakeholders that the matter is being monitored and does not pose broader risks to the banking system.
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